The Ambassador in Brazil (Caffery) to the Secretary of State
[Received 2:30 p.m.]
135. My 118, April 17, 4 p.m.60 The Director of Exchange informs me that the Bank of Brazil has not yet received letters from the First National Bank and the Continental Illinois Bank both of Chicago, and the Guaranty Trust Company of New York, confirming their participation in the 19,200,000 dollar acceptance credit; also that the letter from the Chemical National Bank of New York in this respect is incomplete. The latter bank did not transmit the original and one copy of its agreement with the Bank of Brazil. When these letters are received here the bank will proceed to liquidate the American arrears.[Page 392]
The Director assures me that the bank will modify the exchange policy to permit the purchase of future exchange and the opening of credits. This will be of great assistance to American exporters.
- Not printed.↩